Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRnext payment +$0.13 per $10,000 · paid last 24h +0.030%
Price spread now: Backpack against Deribit−0.052%7-day average −0.035% · you buy dearer than you sell
Net, funding: paid 7d − costs−$8as in the Funding arb table
Net, price: spread back to 7d avg − costs−$31as in the Price arb table
costs, in and out, $10k−$290.290% of the position
Funding, last 7 days+0.210%+$21 on $10k
+Price spread, last 3 days (all we have)+0.008%+$1 · spread now −0.052%, 7d avg −0.035%
=The price spread sits at its 7-day average of −0.035%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit PAXG_USDC-PERPETUAL | 4,358.9 | 0 | get 0.0000% / 1h | 32m 01s | $7.9M | $871K | 50x |
| Short | Backpack PAXG_USDC_PERP | 4,356.6 | 0.0100 | get 0.0013% / 1h | 32m 01s | $1.4M | $852K | 50x |
Deribit PAXG_USDC-PERPETUAL
Backpack PAXG_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Deribit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $21
- Price spread: −0.052% → −0.035%
- −$1.7
- Slippage, 4 orders
- −$11.96
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$9.66
- Costs to cover
- 0.290%
- Break-even
- 10.2 days
Slippage from Deribit: live order book, 2 min ago; Backpack: live order book, 2 min ago.
Cost to enter
taker fee + slippage from the mid, one side; closing costs about the same again| Leg | Half-spread | $10k | $100k | $1M | $5M |
|---|---|---|---|---|---|
| Buy Deribit live order book, 2 min ago | 0.71 bp | 4.7 bp −$5 | 12.3 bp −$123 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 2 min ago | 0.01 bp | 8.0 bp −$8 | 9.6 bp −$96 | doesn't fit | doesn't fit |
PAXG on 29 venues
lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| dYdX PAXG-USD | 0.0000% | 1h | 4,355.2 | −0.084% | $102K | $12K | 5x | as long as short |
| Gate PAXG_USDT | 0.0000% | 8h | 4,357.1 | −0.041% | $15.7M | $3.5M | 100x | as long as short |
| SunX PAXG-USDT | 0.0000% | 4h | 4,351.5 | −0.170% | $2K | $3.9M | 20x | as long as short |
| Deribit PAXG_USDC-PERPETUALlong | 0.0000% | 1h | 4,358.9 | long leg | $7.9M | $871K | 50x | |
| HTX PAXG-USDT | 0.0000% | 4h | 4,362.4 | +0.080% | $907K | $656K | 75x | as long as short |
| Injective PAXG/USDC PERP | +0.0033% | 1h | 4,347.3 | −0.265% | $1K | $151K | 30x | as long as short |
| GRVT PAXG_USDT_Perp | +0.0090% | 4h | 4,357.7 | −0.026% | $1.5M | $2.1M | 10x | as long as short |
| Lighter PAXG | +0.0096% | 1h | 4,354.2 | −0.107% | $1.4M | $270K | 25x | as long as short |
| Paradex PAXG-USD-PERP | +0.0100% | 8h | 4,355.4 | −0.080% | $80K | $3.7M | 50x | as long as short |
| Hyperliquid PAXG | +0.0100% | 1h | 4,355.5 | −0.077% | $20.8M | $2.1M | 10x | as long as short |
dYdX PAXG-USD
Gate PAXG_USDT
SunX PAXG-USDT
HTX PAXG-USDT
Injective PAXG/USDC PERP
GRVT PAXG_USDT_Perp
Lighter PAXG
Paradex PAXG-USD-PERP
Hyperliquid PAXGShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster PAXGUSDT | +0.0100% | 4h | 4,356.8 | −0.046% | $909K | $29K | 50x | as long as short |
| Pacifica PAXG | +0.0100% | 1h | 4,356.8 | −0.047% | $1.0M | $368K | 10x | as long as short |
| Binance PAXGUSDT | +0.0100% | 4h | 4,355.3 | −0.083% | $80.1M | $71.1M | 75x | as long as short |
| Bybit PAXGUSDT | +0.0100% | 4h | 4,356.6 | −0.053% | $15.1M | $3.6M | 75x | as long as short |
| MEXC PAXG_USDT | +0.0100% | 4h | 4,356.7 | −0.049% | $16.2M | $1.2M | 100x | as long as short |
| KuCoin PAXGUSDTM | +0.0100% | 4h | 4,357.6 | −0.029% | $28.4M | $5.6M | 30x | as long as short |
| Bitget PAXGUSDT | +0.0100% | 4h | 4,355.5 | −0.077% | $9.7M | $15.0M | 50x | as long as short |
| BingX PAXG-USDT | +0.0100% | 4h | 4,356.7 | −0.049% | — | $6.8M | — | as long as short |
| Backpack PAXG_USDC_PERPshort | +0.0100% | 1h | 4,356.6 | −0.052% | $1.4M | $852K | 50x | |
| Variational Omni PAXG | +0.0100% | 4h | 4,358.3 | −0.014% | $12.5M | $104K | — | as long as short |
| ApeX Omni PAXGUSDT | +0.0100% | 1h | 4,355.5 | −0.078% | $263K | $785K | 50x | as long as short |
| Orderly PERP_PAXG_USDC_mythos | +0.0100% | 4h | 4,355.7 | −0.073% | $559 | — | 10x | as long as short |
| Phemex PAXGUSDT | +0.0100% | 4h | 4,354 | −0.112% | $1.5M | $39K | 50x | as long as short |
| Extended PAXG-USD | +0.0104% | 1h | 4,354.3 | −0.106% | $382K | $1.7M | 25x | as long as short |
| Hibachi PAXG/USDT-P | +0.0136% | 1h | 4,358.3 | −0.013% | $42K | $157K | 20x | as long as short |
| Reya PAXGRUSDPERP | +0.0189% | 1h | 4,355.5 | −0.078% | $21K | — | 100x | as long as short |
| Kraken Futures PF_PAXGUSD | +0.0208% | 1h | 4,355.7 | −0.072% | $1.3M | $1.4M | 20x | as long as short |
| Coinbase International PAXG-PERP-INTX | +0.0304% | 1h | 4,366.2 | +0.168% | $976K | $1.1M | 50x | as long as short |
| 01 Exchange PAXGUSD | +0.1024% | 1h | 4,366.2 | +0.168% | $29K | $23K | 10x | as long as short |
Aster PAXGUSDT
Pacifica PAXG
Binance PAXGUSDT
Bybit PAXGUSDT
MEXC PAXG_USDT
KuCoin PAXGUSDTM
Bitget PAXGUSDT
BingX PAXG-USDT
Variational Omni PAXG
ApeX Omni PAXGUSDT
Orderly PERP_PAXG_USDC_mythos
Phemex PAXGUSDT
Extended PAXG-USD
Hibachi PAXG/USDT-P
Reya PAXGRUSDPERP
Kraken Futures PF_PAXGUSD
Coinbase International PAXG-PERP-INTX
01 Exchange PAXGUSD